TTD closes within previous day's range after lackluster session
The Trade Desk Inc. (TTD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
TTD ended the month 30.47% higher at 406.50 after edging higher $0.35 (0.09%) today, notably underperforming the S&P 500 (1.54%). Trading $10.31 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TTD as at Jun 30, 2020):
Tuesday's trading range has been $13.21 (3.24%), that's below the last trading month's daily average range of $19.35. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TTD.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Shooting Star which are both known as bearish patterns. The last time a Shooting Star showed up on April 30th, TTD lost -4.68% on the following trading day.
Prices are trading close to the key technical resistance level at 418.97 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 418.97 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 391.30 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for The Trade. Out of 175 times, TTD closed higher 58.86% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.57% with an average market move of 5.13%.